To further delve into the market’s underlying structure, Glassnode has examined the BTC Spent Volume by Age metric. Presently, the monthly average spending by long-term holders shows a clear trend, with outflows climbing from roughly 12,500 BTC daily in early July to 26,500 BTC daily today.
Using the OG Whale Spending Events metric, the platform has made a compelling revelation about the current actions of these investors. Despite isolating over 7-year-old whale wallet addresses spending more than 1,000 BTC per hour, the data still tells a story of consistency.
According to Glassnode, these high-magnitude spends were not crucial to the ongoing market cycle. However, it is worth noting that the spending took place in every major bull phase in the past. While OG whales’ spending has grown, what sticks out currently is their frequency.
